Frederick at a glance
- Population: roughly 85,793 people; 2nd of 157 places in Maryland (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 78,190 residents here (US Census Bureau).
- 2020 to 2023 change: roughly 9.7% higher than at the 2020 Census (US Census Bureau).
- Rank among Maryland places: the 2nd-largest of 157 (US Census Bureau, 2023 estimate).
- Size percentile: ahead of around 99% of Maryland places in population terms (US Census Bureau).
- Coordinates: 39.4341 / -77.4145, per the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Washington, DC (42 mi); Baltimore, MD (44 mi); Alexandria, VA (46 mi); Reading, PA (101 mi) (US Census Bureau).
- Nearest smaller places: Walkersville, MD (4 mi); Middletown, MD (6 mi); New Market, MD (8 mi) (US Census Bureau estimates).
What a personal loan costs in Frederick
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Maryland lending rules that apply in Frederick
Each row below is a Maryland rule with its publisher and the date it was retrieved.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Office of Financial Regulation; Commissioner of Financial Regulation (Maryland Department of Labor) Source says: "is Maryland's consumer financial protection agency and financial services regulator" | Maryland Department of Labor as of 2026-09-16 |
| OFR consumer-loan interest-rate limits | 2.75%/month (33%/yr) on the first $1,000 of a loan ≤$2,000; 2%/month (24%/yr) thereafter and on loans over $2,000 Source says: "Maximum interest rate allowed by law is 2.75% per month or an annual interest rate of 33%" | Maryland Department of Labor, Office of Financial Regulation as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 24% per year effective simple interest for qualifying loans (Md. Code Com. Law § 12-103(c)); otherwise 8% (written agreement) or 18% Source says: "a lender may charge an effective rate of simple interest not in excess of 24 percent per year on the unpaid principal balance" | Maryland General Assembly as of 2026-09-16 |
| Payday lending status | Regulated as consumer loans: licensing and statutory interest-rate limits apply to payday-style loans (OFR) Source says: "they are prohibited from charging or receiving an interest rate that is greater than authorized by the laws of this State" | Maryland Department of Labor, Office of Financial Regulation as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer Lender license required to make loans under the Maryland Consumer Loan Law (Com. Law § 12-301 et seq.) Source says: "A Consumer Lender is a business that makes any loan or advance of money or credit under the Maryland Consumer Loan Law" | Maryland Department of Labor, Office of Financial Regulation as of 2026-09-16 |
How to compare offers in Frederick
The steps below are worth completing first when you borrow in Frederick:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Maryland using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.